Securities Law Updates | New Proposed Legislation

December 4, 2009

New Securities Bill Seeks to Spur Municipal Bond Market

Federal Municipal Bond Marketing Support and Securitization Act of 2009
H.R. 1669 , 3/23/2009

Rep. Gerald E. Connolly, R-Va., has introduced legislation to spur the issuance of municipal bonds.  Connolly’s legislation – otherwise known as the “Federal Municipal Bond Marketing Support and Securitization Act of 2009” – would provide direct assistance to municipal bond issuers by giving the Treasury Department, the Federal Reserve, and the Federal Financial Bank new authority to guarantee and purchase municipal securities.

Connolly said that the inability of state and local governments and other municipal bond issuers to float bonds could blunt the positive impacts of the federal economic recovery program, while a vibrant municipal bond market would pump more money…

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Companies Mentioned

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The following companies are mentioned in Securities Law Updates:

Securities and Exchange Commission

Harris Associates, L.P.

Banc of America Securities LLC

Citicorp USA, Inc.

Jan Charles Finance S.A.

Park East, Inc.

CIBC World Markets Corp.

Citigroup Inc.

Barclays Capital Inc.

Citigroup Global Markets, Inc.

The Public Employees’ Retirement System of Mississippi

Morgan Stanley & Co., Inc.

Toronto Dominion Texas, LLC f.k.a. Toronto Dominion Texas, Inc.

Alex Brown, Inc.

Tellabs, Inc.

Deutsche Bank Securities, Inc.

Mizuho International PLC

SG Cowen Securities Corp.

Makor Issues & Rights, Ltd.

ABN AMRO Inc.

Lydia Capital, LLC

Suntrust Capital Markets, Inc.

Tribune Company

Fleet Securities, Inc. n.k.a. Bank of America, N.A.

City of Philadelphia Board of Pensions and Retirement

The Bank of New York Company, Inc.

Staples, Inc.

CIBC, Inc.

Citibank, N.A.

Metal Management, Inc.

European Metal Recycling, Ltd.

Salomon Smith Barney Inc. n.k.a. Citigroup Global Markets, Inc.

Calyon Securities (USA), Inc. f.k.a. Credit Lyonnais Securities (USA) Inc.

Calyon New York Branch (successor by operation of law to Credit Lyonnais New York Branch)

Salomon Smith Barney, Inc.

JPMorgan Chase & Co.

Dynex Capital Inc.

Citigroup, Inc.

JPMorgan Securities Inc.

Merit Securities Corp.

Scotia Capital (USA), Inc.,

Teamsters Local 445 Freight Division Pension Fund

Aetna, Inc.

Cowen & Co., LLC f.k.a. SG Cowen Securities Corp.

Societe Generale

SunTrust Bank

TD Securities (USA), Inc.

BMO Nesbitt Burns Corp. n.k.a. Harris Nesbitt Burns Corp.

Buchanan Ingersoll & Rooney Professional Corporation

Consolidated Leasing Hugoton Joint Venture #2

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